Due to certain charges that occurred in the fourth quarter, Southern Union Co. said Wednesday that it now expects net earnings available for common shareholders for the year ended Dec. 31, 2004 to be between $0.90 and $1.00 per share. Earnings guidance previously provided by the company was $1.00 to $1.10 per share. The charges are associated with the integration of its investment in CCE Holdings LLC, and non-recurring charges associated with an environmental site remediation and a cost-based investment in a technology enterprise. Excluding these charges, Southern Union’s net earnings available for common shareholders are expected to be between $1.10 and $1.20 per share. The company also announced that it has changed from a June 30 fiscal year end to a Dec. 31 calendar year end, effective Dec. 31, 2004. As a result, Southern Union expects to announce earnings for the period ended Dec. 31, 2004 on March 16. The Wilkes-Barre, PA-based company reconfirmed its calendar 2005 earnings guidance of $1.45 to $1.55 per share. Through its Panhandle Energy subsidiary, the company owns and operates Panhandle Eastern Pipe Line Co., Trunkline Gas Co., Sea Robin Pipeline Co., Southwest Gas Storage Co. and Trunkline LNG Co. — one of North America’s largest liquefied natural gas import terminals.
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FERC OKs Change in Function of Equitrans’ Facilities in PA and WVA
FERC on Wednesday gave Equitrans LP the green light to switch the function of certain jurisdictional natural gas transmission/storage facilities in Pennsylvania and West Virginia to non-jurisdictional gathering.
FERC OKs Change in Function of Equitrans’ Facilities in PA and WVA
FERC on Wednesday gave Equitrans LP the green light to switch the function of certain jurisdictional natural gas transmission/storage facilities in Pennsylvania and West Virginia to non-jurisdictional gathering.
PG&E Use of Delayed, ‘Estimated’ Bills Comes Under CPUC Fire
Although all utilities do a certain amount of it, Pacific Gas and Electric Co. was singled out last week for criticism by the California Public Utilities Commission following mounting customer complaints to regulators and adverse publicity the giant San Francisco combination utility has been receiving in local news media concerning its use of delayed and estimated bills. The CPUC Executive Director Steve Larson wrote the PG&E utility CEO last Tuesday, demanding “immediate steps” be taken to address the situation.
PG&E Use of Delayed, ‘Estimated’ Bills Comes Under CPUC Fire
Although all utilities do a certain amount of it, Pacific Gas and Electric Co. was singled out last week for criticism by the California Public Utilities Commission following mounting customer complaints to regulators and adverse publicity the giant San Francisco combination utility has been receiving in local news media concerning its use of delayed and estimated bills. The CPUC Executive Director Steve Larson wrote the PG&E utility CEO last Tuesday, demanding “immediate steps” be taken to address the situation.
Energy Traders’ Trials Set for January; Lea Fastow Denied Change of Venue
A former El Paso Corp. energy trader and a ex-Dynegy Inc. trader will be tried separately early next year on charges of reporting bogus energy data to an industry publication. A Houston judge set the first trial for Jan. 12, with the second trial scheduled to immediately follow.
ChevronTexaco Teams With Gazprom on U.S., Russia Projects
Looking to pool resources on certain proposed natural gas and oil projects, Chevron Neftegaz Inc., an affiliate of ChevronTexaco, and Russian super major Gazprom announced the signing of a six-month binding memorandum of understanding that will allow the two companies to jointly undertake project feasibility studies in Russia and the United States.
ChevronTexaco Teams With Gazprom on U.S., Russia Projects
Looking to pool resources on certain proposed natural gas and oil projects, Chevron Neftegaz Inc., an affiliate of ChevronTexaco, and Russian super major Gazprom announced Wednesday the signing of a six-month binding memorandum of understanding that will allow the two companies to jointly undertake project feasibility studies in Russia and the United States.
FERC’s Brownell Wary of Reliability Rules Getting Bogged Down by Stakeholder Vetting
Stakeholder processes have their place in certain situations, but adopting such an approach to the crafting of clear, enforceable and mandatory electric reliability rules could prove to be extremely counterproductive, FERC Commissioner Nora Brownell told an audience of state utility regulatory commissioners last Monday.
Oneok to Sell 400 Miles of Pipeline Assets
Oneok’s Palo Duro Pipeline Co. subsidiary announced it has reached an agreement to sell certain natural gas transmission and gathering pipelines and compression to an affiliate of Houston-based Enbridge Energy Partners LP. for approximately $13 million.
